IntegrFin Holdings PLC reported strong year-end results on Thursday despite ‘a challenging macro-economic environment’, thanks to ‘resilient’ inflows at Transact.
The London-based group, which operates the investment platform Transact, saw modest revenue growth of 1% to £134.9 million for the financial year ended September 30, from £133.6 million the year before.
The IntegraFin group’s underlying pretax profit dropped 4.3% to £63.0 million from £65.8 million in 2022. IFRS pretax profit rose 15% to £62.6 million, up from £54.3 million
IntegraFin said its subsidiary Transact achieved record year-end funds under direction of £55.00 billion, up year-on-year from £50.10, alongside ‘resilient’ net inflows of £2.66 billion. However, these were down from £4.40 billion in 2022 due to the impact of the cost-of-living crisis on the entire advised retail sector.
According to IntegraFin Chief Executive Officer Alexander Scott, ‘this nevertheless represents strong performance in a difficult market, being the third highest level of gross inflows in the industry which, coupled with high retention, delivered 22% of net inflows within the advised platform market’.
Transact grew both its adviser base and the number of client using its platform by 2%, up to around 7,700 and 230,000, respectively.
Time4Advice, a wealth management firm also owned by IntegraFin, saw its revenue jump 22% to £4.8 million from £3.9 million year-on-year.
The group declared an interim dividend of 7.0 pence per ordinary share, resulting in a year-end dividend of 10.2 pence each, unchanged from 2022.
Scott added: ‘While the external market has been volatile, the UK adviser platform market remains healthy and is expected to grow well over the coming years. We are well placed to take advantage of this market growth, and we remain confident in our market position, despite the uncertainty in the wider economy.
However, Scott noted that ’headwinds are anticipated to persist,‘ given the likelihood of inflation dropping at an unknown speed and Bank of England base rates expected to remain at high levels.
IntegraFin’s share price was up 5.4% at 280.20 pence each in London on Thursday morning.
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